How To Find Your IP Address in Windows
To find your IP address on a Windows computer go to Start > Run (You can also use the keyboard short cut windows + "R")
Note: In windows 7 the run option is hidden from the start menu. A quick short cut is to hold down the windows key (located in the bottom left corner of your keyboard by CTRL and FN) and hit the the letter "R". For Steps on how to make this visable visit http://mixeduperic.com/windows/how-to-show-run-option-on-the-start-menu-in-windows-7-and-vista.html

- Type "command" or "cmd" in the box that opened up and click OK

You will now see a dos screen (black screen with white text)
-Type ipconfig and hit Enter

Depending on the number of network cards / connections on your pc depends on what information is displayed.
In the Image Below you can see I have a Virtual Machine running on my PC, a ethernet connection (wired), and a wireless connection.
I have highlighted the connection in Red and highlighted the IP address with Pink.

Here is another example with less connections on the PC. You can see that there is just an IP address assigned to the wireless card.

If you want to find out more information like your lease time of your IP address, what DNS server or your MAC addresstype in ipconfig /all

An IP address is used for routing traffic. You can have a static or a dynamic IP address depending on a few things. Most of the time you will have a dynamic IP address unless you have setup a static address.
A dynamic IP address is assigned to a network card on the fly. A server hands out an IP address once that device is connected. There is a lease time set on the IP address. Most are set up for 7 or 8 days for the lease time. Basically what this means is that IP address is assigned to until the lease time expires. If your Pc is not connected when the lease time expires it is available for the next person to request a IP address. If your PC is connected when it expires it renews the lease.
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